bplist00_WebSubresources_WebMainResource_WebSubframeArchives=&*.26:>CGKOSW[_dhlptx| _WebResourceResponse_WebResourceData^WebResourceURL_WebResourceMIMETypeObplist00 Y$archiverX$versionT$topX$objects_NSKeyedArchiver _WebResourceResponse )/078R9#AII#A|*+!-.WNS.base[NS.relative_(http://www.bloomberg.com/styles/main.css1234X$classesZ$classname456UNSURLV%NSURLXNSObjectXtext/css9:;=>?GOZNS.objectsWNS.keys@ABCDEFHIJKLMN VServer]Last-Modified]Accept-RangesTDate^Content-LengthTEtag\Content-Type_Sun-ONE-Web-Server/6.1_Tue, 12 Sep 2006 21:42:58 GMTUbytes_Wed, 04 Oct 2006 13:46:19 GMTU21049_"5239-450729e2"12^__`6_NSMutableDictionary\NSDictionary12bcc6_NSHTTPURLResponseInternal12effg6_NSHTTPURLResponse]NSURLResponse$)2DILbd+-/1\ajuy$)6Oouh(OR9/* $Id: main.css,v 1.43 2006/09/12 21:42:18 daver Exp $ $Source: /bbsrc/web/docs/en/styles/main.css,v $ */ body { background-color: #000000; margin: 0; padding: 0; color: #ffffff; font-family: Verdana,sans-serif; font-size: 11pt; } a { color: #F59300; font-weight: bold; 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font-weight: bold; padding: 3px; } .changedown { color: #ef4d15; } .changeup { color: #81b74b; } /* end tabbed graph styles */ .ad { padding: 10px; text-align: center; } .leaderboard { padding: 7px; text-align: center; } .leaderboard img { align: center; } /* front page market snapshot lzhang */ .snapshotheading { background-color: #101042; width:336px; } .marketsnapshot { font-size: 8pt; font-family: Verdana,sans-serif; width: 309px; padding: 9px 10px 5px 10px; margin: 0; } .marketsnapshot table { width: 100%; } .marketsnapshot td { padding: 3px; border-bottom: 1px solid #555555; } .orangehd_snap { color: #f79400; font-weight: bold; font-size: 9pt; padding:0px; } .bluehd_snap { color: #00aeef; font-weight: normal; } .marketsnapshot a.more { font-size: 7pt; color: #f79400; font-weight: normal; } .marketsnapshot a.more:hover { color: #fa7102; } /* end of market snapshot */ .here { font-weight: bold; } .leadbox { font-size: 9pt; float: inherit; } .leadbox a { font-weight: bold; font-size: 10pt; } .leadbox a img { border-color: #fab000; } /*.leadimage { float:left; border:1px solid #fab000; }*/ .photocredit { font-size: 10px; } .enlarge { display: block; margin: 12px 0 5px 0; } .heading { display: block; float: none; } .heading img { margin: 12px 0 0 17px; } p.heading { font-weight: bold; margin:0 0 0 0; font-size:13pt; line-height:1.3em; font-weight: bold;} .crNW { /* width: 8px; height: 8px; */ text-align: left; vertical-align: top; } .crNE { /* width: 8px; height: 8px; */ text-align: right; vertical-align: top; } .crSW { /* width: 8px; height: 8px; */ text-align: left; vertical-align: bottom; } .crSE { /* width: 8px; height: 8px; */ text-align: right; vertical-align: bottom; } .midcr { padding: 8px 0px; } .crtable { background-color: #DDE3EB; } .orangelabel { color: #ff6600; font-weight: bold; } .newsquote { color: #005493; font-weight: bold; } .articlepage { background-color: #ffffff; color: #000000; } .printpage { background-color: #ffffff; color: #000000; font-size: 9pt;} #printheader { height: 51px; padding-left: 18px; } /* TV and Radio schedule tables */ .schedulerow1 { background-color: #313131; padding:3px; font-size: 8.5pt; } .schedulerow2 { background-color: #000000; padding:3px; font-size: 8.5pt; } .schedulespacer { width:16px; height:10px; padding:0px; } .guest { color: #bbe0e3; font-weight: bold; } .listen { line-height: 1.6em; } .padright { margin-right: 4px; } /* Investment Tools */ .investmentholder { background-color: #262626; color: #ffffff; } .financeheader { background-color: #ccff9a; padding: 6px 18px; color: #000000; } .financeheader a.more { color: #000000; } .financeheader a.more:hover { color: #464646; } .blackHR { height:2px; border-top:1px solid #000000; margin: 4px 0px; } ul.investmentheadlines { margin: 0; padding: 0; list-style: none; width: 100%; clear: both; } ul.investmentheadlines li { padding: 0px; position: relative; border: none; } .investmentheadlines li a { margin: 0px; color: #fab000; font-size: 9pt; line-height: 1.2em; font-weight: normal; text-decoration: none; background-color: transparent; padding: 4px 0 2px 12px; display: block; border: none; } .investmentheadlines li a:hover { color: #ffffff; } .investmentheadlines li.headline a { background: url(../img/bullets/bullet-small.gif) .1em .7em no-repeat; } .investmentoverview { font-size:8.5pt; margin-top:3px; margin-bottom:0; } .investmentoverview td { padding: 3px 0px; } .invhd { color: #f4f1aa; } .monitortout { color: #cfff9f; } /* styles for the size switching links */ .tsizedefault { padding-left: 5px; font-weight: bold; font-size: 11px; line-height: 11px; } .tsizedefault a { color: #ffffff; } .tsizemedium { padding-left: 5px; font-weight: bold; font-size: 14px; line-height: 13px; } .tsizemedium a { color: #fab000; } .tsizelarge { padding-left: 5px; padding-right: 15px; font-weight: bold; font-size: 18px; line-height: 16px; } .tsizelarge a { color: #fab000; } /*styles for primary headline list*/ ul.headlines { margin: 0; padding: 0; list-style: none; /*width: 664px;*/ width: 100%; clear: both; } ul.headlines li { padding: 0px; position: relative; border: none; } /*.headlines li:hover div, .headlines li.over div { display: block; }*/ .headlines li a { margin: 0px; color: #F59300; font-size: 13px; line-height: 13pt; font-weight: bold; text-decoration: none; background-color: transparent; padding: 4px 0 4px 32px; /*height:20px;*/ display: block; border: none; width: 92%; } .headlines li a:hover { color: #ffffff; } li.headline a { background: url(http://images.bloomberg.com/r06/global/bullets/bullet.gif) .5em .4em no-repeat; } li.audio a { background: url(http://images.bloomberg.com/r06/news/audio.gif) .5em .4em no-repeat;font-size: 11px; } li.video a { background: url(http://images.bloomberg.com/r06/news/video.gif) .5em .4em no-repeat;font-size: 11px; } li.headline p { margin: 0 17px 12px 17px; font-size: 9pt; } .photopop { display: none; float: none; position: absolute; top: 224px; left: 620px; width: 230px; height: 250px; margin: 0; color: #000000; font-size: 8.5pt; background: #ff9900; border: 1px solid #999999; } .photopop img { border: 2px solid #ffffff; } .photopopcontent { width: 204px; margin: 9px 13px; } ul.headlines li div p { padding: 0px; margin: 4px; font: normal normal 8.5pt/11pt Verdana,sans-serif; color: #000000; } /*styles for secondary headline list*/ .secondaryheadlines { margin: 0; padding-left: 0; list-style: none; width: 100%; font-size: 10pt; line-height: 11pt; } .secondaryheadlines a { display: block; padding: 4px 0px; color: #fab000; font-weight: bold; text-decoration: none; font-family: Verdana; } .secondaryheadlines li a:hover { color: #ffffff; } /* Fix IE. Hide from IE Mac \*/ * html ul li { height: 1%; } * html ul li a { height: 1%; } /* End */ a.more, .more { font-size: 9px; line-height: 10px; padding-top: 5px; display: block; font-weight: normal; } a.moreinline, .moreinline { font-size: 10px; line-height: 14px; margin-top: 6px; margin-bottom: 6px; display: inline; font-weight: normal; } /* dropmenu for top javascript navigation (gjh) */ #dropmenudiv{ color: #0379b1; position:absolute; border:1px solid #8c9095; border-bottom-width: 0; font:normal 10px Verdana; line-height:18px; z-index:100; } #dropmenudiv a{ color: #0379b1; font-size: 10px; width: 100%; display: block; text-indent: 3px; border-bottom: 1px solid #8c9095; padding: 1px 0; text-decoration: none; font-weight: normal; } #dropmenudiv a:hover{ /*hover background color*/ background-color: #ffffff; } .relatedmedia-backcolor { background-color: #bbe0e3; padding-left:10px; } .relatedmedia { color: black; font-weight: bold; font-family: Verdana,sans-serif; font-size: 9pt; padding-left: 0px; 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text-decoration: none; display: block; } /* end of more headline story page */ .block { display: block; } img.corner /* Using this for Audio/Video bar on home page */ { width: 4px; height: 4px; border: none; display: block !important; } .disclaimer { font-family: Verdana,sans-serif; color: #ffffff; font-size: 8pt; font-style: italic; } /*email_printer -gjh */ .newstools { background-color: #464646; } .newstools a { font-size: 10px; line-height: 9pt; font-weight: bold; } .newslinks a { margin-right:5px; margin-left: 0; } /* Skip Intro -gjh */ #skipintro { font-family: verdana, arial, helvetica ; font-size: 14px; color: #FFFFFF; font-weight: bold; margin-bottom: 10px; margin-left: 565px; display: block; visibility: hidden; } #skipintro a { color: #ffffff; } #skipintro a:hover { color: #fab000; } /* for textads on stories */ .textad { margin-top: 10px; width: 450px; z-index: -1; } /* for http link in news/conews stories */ .httplink { font-family: verdana, sans-serif; color: #000000; font-size: 9pt; text-decoration: none; margin-bottom:3px; margin-left: 3px; } .httplink a { color: #006b99; } .httplink a:hover { color: #fab000; } _(http://www.bloomberg.com/styles/main.cssXtext/css  Obplist00 Y$archiverX$versionT$topX$objects_NSKeyedArchiver _WebResourceResponse )/078?GOZNS.objectsWNS.keys@ABCDEFHIJKLMN VServer]Last-Modified]Accept-RangesTDate^Content-LengthTEtag\Content-Type_Sun-ONE-Web-Server/6.1_Mon, 19 Jun 2006 18:32:46 GMTUbytes_Wed, 04 Oct 2006 13:46:19 GMTT6759_"1a67-4496edce"12^__`6_NSMutableDictionary\NSDictionary12bcc6_NSHTTPURLResponseInternal12effg6_NSHTTPURLResponse]NSURLResponse$)2DILbd+-/1\ajuy$)6Oouh'Og/* $Id: news.css,v 1.9 2006/06/19 18:31:40 nfiorent Exp $ $Source: /bbsrc/web/docs/en/styles/news.css,v $ */ /*Formatting for Columnist page*/ #columnist_style5block { font-size: 8.5pt; margin-top:8px; } #columnist_style5block a { font-size: 8.5pt; margin-top:8px; font-weight: bold; } #columnist_desc { font-size: 8.5pt; display: block; line-height: 10pt; margin-top:16px; } .columnistblock { font-size: 10pt; margin-top:16px; clear: both; } .columnistblock a { font-weight: bold; } .columnistblock img, .columnistblock img a { border: 1px solid #fab000; margin:0px 12px 8px 0px; float: left; } .columnistblock p { margin-top:6px; margin-bottom: 3px; } .columnist { font-size: 9.5pt; font-weight: bold; } .columnist_mediumlargetext { font-size: 12pt; font-weight: bold; color: #fab000; } .columnist_padright { margin-right: 18px; } /*end Formatting for Columnist page*/ /*styles for unordered list on RSS page*/ ul.rss { margin: 0; padding: 0; list-style: none; width: 100%; clear: both; } ul.rss li { padding: 0px; position: relative; border: none; margin: 0px; color: #ffffff; font-size: 9pt; line-height: 10pt; text-decoration: none; background-color: transparent; padding: 4px 0 4px 32px; border: none; width: 92%; } li.rss { background: url(http://images.bloomberg.com/r06/global/bullets/bullet.gif) .5em .4em no-repeat; } /*end styles for unordered list on RSS page*/ #rss_tos { font-size: 7.5pt; color: #ffffff; } /* For Terms of Service link on RSS page */ #rss_tos a { font-size: 7.5pt; color: #fab000; font-weight: bold; } #rss_tos a:hover { color: #ffffff; font-weight: bold; } .rss_boldoj { font-size: 14px; line-height: 13pt; font-weight: bold; color: #fab000; } /* added by lm for rss index page */ /* header bars for news section -nf */ .news_bar { width: 500px; background-color: #7d7d7d; color: #7d7d7d; margin-left: 0; } .news_bar p { margin: 0 10px; font-family: verdana, sans-serif; font-weight: bolder; font-size: 14px; color: #ffffff; } .news_roundtop { background: url(http://images.bloomberg.com/r06/news/news_tr.gif) no-repeat top right; } .news_roundbottom { background: url(http://images.bloomberg.com/r06/news/news_br.gif) no-repeat top right; } img.corner { width: 4px; height: 4px; border: none; display: block !important; } .sm_news_bar { width: 300px; background-color: #7d7d7d; color: #7d7d7d; margin-left: 5px; } .sm_news_bar p { margin: 0 10px; font-family: verdana, sans-serif; font-weight: bolder; font-size: 14px; color: #ffffff; } .sm_news_roundtop { background: url(http://images.bloomberg.com/r06/news/news_tr.gif) no-repeat top right; } .sm_news_roundbottom { background: url(http://images.bloomberg.com/r06/news/news_br.gif) no-repeat top right; } img.corner { width: 4px; height: 4px; border: none; display: block !important; } .newsi_bar { width: 479px; background-color: #7d7d7d; color: #7d7d7d; margin-left: 0px; } .newsi_bar p { margin: 0 10px; font-family: verdana, sans-serif; font-weight: bolder; font-size: 14px; color: #ffffff; } .newsi_roundtop { background: url(http://images.bloomberg.com/r06/news/news_tr.gif) no-repeat top right; } .newsi_roundbottom { background: url(http://images.bloomberg.com/r06/news/news_br.gif) no-repeat top right; } .story_bar { width: 490px; background-color: #bbe0e3; color: #bbe0e3; margin-left: 5px; } .story_bar p { margin: 0 10px; font-family: verdana, sans-serif; font-weight: bolder; font-size: 14px; color: #ffffff; } .story_roundtop { background: url(http://images.bloomberg.com/r06/news/story_tr.gif) no-repeat top right; } .story_roundbottom { background: url(http://images.bloomberg.com/r06/news/story_br.gif) no-repeat top right; } .summheadline { margin: 0px; type: verdana color: #fab000; font-size: 14px; line-height: 13pt; font-weight: bold; text-decoration: none; background-color: transparent; padding: 2px 0 2px 0px; border: none; width: 100%; } .summheadline a:hover { color: #ffffff; } .summ { margin: 0px; type: verdana color: #ffffff; font-size: 13px; line-height: 13pt; font-weight: none; text-decoration: none; background-color: transparent; padding: 2px 0 16px 0px; border: none; width: 100%; } .related_media_bar { width: 300px; background-color: #7d7d7d; color: #7d7d7d; margin-left: 0; } .related_media_bar p { margin: 0 10px; font-family: verdana, sans-serif; font-weight: bolder; font-size: 14px; color: #ffffff; } .related_media_box { margin-left: 13px; width: 300px; } .related_media_headlines { margin-top: 5px; margin-bottom:10px; } .news_story_title { font-family: verdana, sans-serif; font-weight: bold; font-size: 12pt; color: #000000; line-height: 140%; } #morenews_mi a { color: #fab000; } #morenews_mi a:hover { color: #fab000; } .avindex_videoborder { padding:4px 1px 4px 1px; background: url(http://images.bloomberg.com/r06/global/shading/videobox.gif) top left no-repeat; margin:0px 12px 8px 0px; float: left; } /* Used for story_wm.xsl and boxad_mh_wm.xsl lzhang */ /* begin News email-printer tool box */ #email-printer-box { float:right; margin:0 0 15px 20px; } .email-printer-td1 { margin: 0px; padding-left: 10px; padding-top: 6px; color: #ffffff; height:20px; font-weight: bold; font-family: Verdana,sans-serif; font-size: 10px; background-color: #569CD0; } .email-printer-td2 { padding-left: 5px; padding-top: 2px; background-color: #bbe0e3; } .email-printer-td2 a { color:#464646; font-weight: bold; font-family: Verdana,sans-serif; font-size: 7pt; text-decoration: none; } .email-printer-td2 a:hover { color:#fab000; font-weight: bold; font-family: Verdana,sans-serif; font-size: 7pt; } .printermargintext { position:relative; top: -9px; } .emailmargintext { position:relative; top: -2px; } .emailmargin { margin-top: 5px; margin-left: 7px; } .printmargin { margin-top: 7px; margin-left: 7px; margin-bottom:6px; } /* end News email printer tool box*/ .storysubtitle { margin-left: 8px; margin-top:8px; } /* big pharma slideshow styles*/ .bp1{ font-family: verdana, arial, helvetica ; font-size: 11px; color: #000000; text-decoration: none; } .bp1Itlc{ font-family: verdana, arial, helvetica ; font-size: 11px; color: #000000; Font-style: Italic; } _(http://www.bloomberg.com/styles/news.css O(bplist00 Y$archiverX$versionT$topX$objects_NSKeyedArchiver _WebResourceResponse )/078?GOZNS.objectsWNS.keys@ABCDEFHIJKLMN VServer]Last-Modified]Accept-RangesTDate^Content-LengthTEtag\Content-Type_Sun-ONE-Web-Server/6.1_Mon, 12 Jun 2006 16:38:37 GMTUbytes_Wed, 04 Oct 2006 13:46:19 GMTT2267^"8db-448d988d"12^__`6_NSMutableDictionary\NSDictionary12bcc6_NSHTTPURLResponseInternal12effg6_NSHTTPURLResponse]NSURLResponse$)2DILbd+-/1^clw{$)8=Jc *h8O//$Id: ctype.js,v 1.3 2001/05/24 18:50:45 pdwivedi Exp $ //$Source: /bbsrc/web/jscommon/ctype.js,v $ // Contains various functions for determining various things about characters function isdigit(txt) { if (txt >= '0' && txt <= '9') { return true } else { return false } } function isnumber(txt) { len = txt.length if (len == 0) { return false } for (i = 0; i < txt.length; i++) { if (isdigit(txt.substring(i, i + 1)) == false) { return false } } return true } function isspace(txt) { if (txt == ' ') { return true } else { return false } } function isblank(txt) { len = txt.length if (len == 0) { return true } for (i = 0; i < txt.length; i++) { if (isspace(txt.substring(i, i + 1)) == false) { return false } } return true } function hasblank(txt) { len = txt.length if (len == 0) { return false } for (i = 0; i < txt.length; i++) { if (isspace(txt.substring(i, i + 1)) == true) { return true } } return false } function isalpha(txt) { if (txt >= 'a' && txt <= 'z') { return true } if (txt >= 'A' && txt <= 'Z') { return true } return false } function isalphanum(txt) { if ((isalpha(txt) == false) && (isdigit(txt) == false)) { return false } else { return true } } function isemail(txt) { // format must be string0@string1.string2 var string_ct_arr = new Array(0,0,0) if (isblank(txt) == true) { return false } if (hasblank(txt) == true) { return false } if (isalphanum(txt.substring(0, 1)) == false) { return false } arr_idx = 0; for (i = 0; i < txt.length; i++) { if (txt.substring(i, i + 1) == '@') { arr_idx = 1 continue } if (txt.substring(i, i + 1) == '.') { if (arr_idx == 1) { // only want to treat . as a separator if already seen @; // this covers john.smith@aol.com arr_idx = 2 continue } } string_ct_arr[arr_idx]++ } for (i = 0; i <= 2; i++) { if (string_ct_arr[i] == 0) { return false } } return true } function isvalidticker(txt) { len = txt.length if( len == 0 ) { return false } firstchar = txt.substring( 0, 1); if( isspace( firstchar ) || ( !isalphanum( firstchar ) && firstchar != '^' ) ) { return false } return true } _*http://www.bloomberg.com/jscommon/ctype.js_application/x-javascript O-bplist00 Y$archiverX$versionT$topX$objects_NSKeyedArchiver _WebResourceResponse )/078?GOZNS.objectsWNS.keys@ABCDEFHIJKLMN VServer]Last-Modified]Accept-RangesTDate^Content-LengthTEtag\Content-Type_Sun-ONE-Web-Server/6.1_Fri, 22 Sep 2006 12:53:20 GMTUbytes_Wed, 04 Oct 2006 13:46:19 GMTU16574_"40be-4513dcc0"12^__`6_NSMutableDictionary\NSDictionary12bcc6_NSHTTPURLResponseInternal12effg6_NSHTTPURLResponse]NSURLResponse$)2DILbd+-/1_dmx| %*9>Kd/h=O@//$Id: banner.js,v 1.3 2006/08/09 20:02:23 daver Exp $ //$Source: /bbsrc/web/docs/en/jscommon/banner.js,v $ var AD_RND_X=(new Date()).getTime(); function QString(key) { var val=null; for (var ii=0; ii -1) { tmpstring=pairs[ii].substring(0,pos); QString.keys[QString.keys.length] = tmpstring.toUpperCase(); QString.values[QString.values.length] = pairs[ii].substring(pos+1); } } } QStringParse(); function ChartAdCss() { if (( navigator.userAgent.indexOf("Opera") !=-1 ) || ( navigator.userAgent.indexOf("Netscape") !=-1)) Top_down = 140; else Top_down = 135; var chartadpopcss = '.popup { POSITION: absolute; VISIBILITY: hidden; BACKGROUND-COLOR: white; LAYER-BACKGROUND-COLOR: white; width: 336; height: 288; left: 5px; top: ' + Top_down + 'px; z-index: 10 }'; var adpop2 = '.adpop2 { POSITION: absolute; VISIBILITY: visible; width: 410; left: 20px; z-index: 10 }'; document.write(''); } function ChartAdCall() { var agnt = navigator.userAgent.toLowerCase(); if (agnt.indexOf("mac")==-1 && navigator.userAgent.indexOf("Netscape6")==-1) { ValueBannerType="std"; ValueWidths_Heights[0]="336x280"; ValueHCat="SSA8"; ValueCategory="01"; ValueShowAd(); } } function CallAd( adType, HCat, Width, Height, Tile, Keys, Category ) { var HOST = "ad.doubleclick.net"; var SRVR = adType.split("|"); if (Width == '10' && Height == '100') return true; if (SRVR[0].toUpperCase() == "JP") { if (HCat != "text") HOST = "ad.jp.doubleclick.net"; SITE = SRVR[1]; CHAR = 'charset="Shift_JIS"'; if (typeof HCat == "undefined" || HCat == "null") HCat = ""; if (typeof Width == "undefined" || Width == "null") return true; if (typeof Height == "undefined" || Height == "null") return true; if (typeof Keys == "undefined" || Keys == "null") Keys = ""; if (typeof Tile == "undefined" || Tile == "null") return true; if (Keys != "") Keys = Keys + ";"; if (Tile != "") Tile = "tile="+Tile+";"; document.write(''); if (HCat != "text") { document.write(''); document.write('if ((!document.images && navigator.userAgent.indexOf("Mozilla/2.") >= 0) || navigator.userAgent.indexOf("WebTV")>= 0) {'); document.write('document.write(\'\');'); document.write('document.write(\'\') }'); 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"":ValueShowAd(); } } var kPos=1; var ValueBannerSizeOrder = "random"; var ValueBannerType=""; var ValueCategory=""; var ValueHCat=""; var ValueHost=(QString("TESTAD") == "1")?'hs0002513':'hs0002498'; var ValueID="pagebuster"; var ValueKeyCode=""; var ValueLoaded=false; var ValueNoText=1; var ValuePopSize="medium"; var ValueVersion="1.2"; var ValueWidths_Heights=new Array(); document.write(''); function Kanoodle(cgroup) { document.write(''); } // Begin Rev_Sci // Built:10/03/05 // MODIFIED BY BLOOMBERG. // var rsi_k; var rsi_now=new Date(); rsi_k='&kd=' + rsi_now.getFullYear() + '_' + (rsi_now.getMonth()+1) + '_' + rsi_now.getDate(); var DM_CSID="K05539"; var DM_UIDS=3; var DM_CHN=document.location.hostname; var DM_PIX="pix01.revsci.net"; var DM_BPIX="pix01.revsci.net"; var DM_UIDD=document.location.hostname; var DM_UIDP="/"; var DM_UIDC=""; var DM_UIDN=""; var DM_UIDE=0; var DM_ADMG=1; var DM_ANLY=1; var DM_RTRY=0; var DM_DREF=0; var DM_LOAD_TIME=0; var DM_TOUT_PIX_PATH=""; var DM_CSES=0; var DM_CTST=0; var DM_MULT=0; var DM_FRAG=0; var DM_RCRC=0; var DM_BOOM_ON=0; var DM_BOOM_DMN=""; var DM_BOOM_SRC=""; var DM_BOOM_DCN=""; var DM_TEST=0; var DM_REQS=0; var _DM_DTE=new Date(); var _DM_UNV=navigator; var _DM_UDC=document; var _DM_CHR=null; var _DM_sImg=new Array(); var _DM_evts=new Array(); var _DM_hexc=new Array("0","1","2","3","4","5","6","7","8","9","A","B","C","D","E","F"); var _DM_BCL1="?&=%.()"; var _DM_GCL2="0123456789ABCDEFGHIJKLMNOPQRSTUVWXYZabcdefghijklmnopqrstuvwxyz"; var _DM_TGID="a" + _DM_hexc[(DM_TEST<<3 | DM_REQS<<2| DM_ADMG<<1 | DM_ANLY)]; var _DM_name = _DM_UDC.title; for(_DM_CHR="",rvi=0;rvi<256;rvi++) { _DM_CHR += String.fromCharCode(rvi); } var _DM_CRCTbl = new Array( 0x00000000, 0x77073096, 0xee0e612c, 0x990951ba, 0x076dc419, 0x706af48f, 0xe963a535, 0x9e6495a3, 0x0edb8832, 0x79dcb8a4, 0xe0d5e91e, 0x97d2d988, 0x09b64c2b, 0x7eb17cbd, 0xe7b82d07, 0x90bf1d91, 0x1db71064, 0x6ab020f2, 0xf3b97148, 0x84be41de, 0x1adad47d, 0x6ddde4eb, 0xf4d4b551, 0x83d385c7, 0x136c9856, 0x646ba8c0, 0xfd62f97a, 0x8a65c9ec, 0x14015c4f, 0x63066cd9, 0xfa0f3d63, 0x8d080df5, 0x3b6e20c8, 0x4c69105e, 0xd56041e4, 0xa2677172, 0x3c03e4d1, 0x4b04d447, 0xd20d85fd, 0xa50ab56b, 0x35b5a8fa, 0x42b2986c, 0xdbbbc9d6, 0xacbcf940, 0x32d86ce3, 0x45df5c75, 0xdcd60dcf, 0xabd13d59, 0x26d930ac, 0x51de003a, 0xc8d75180, 0xbfd06116, 0x21b4f4b5, 0x56b3c423, 0xcfba9599, 0xb8bda50f, 0x2802b89e, 0x5f058808, 0xc60cd9b2, 0xb10be924, 0x2f6f7c87, 0x58684c11, 0xc1611dab, 0xb6662d3d, 0x76dc4190, 0x01db7106, 0x98d220bc, 0xefd5102a, 0x71b18589, 0x06b6b51f, 0x9fbfe4a5, 0xe8b8d433, 0x7807c9a2, 0x0f00f934, 0x9609a88e, 0xe10e9818, 0x7f6a0dbb, 0x086d3d2d, 0x91646c97, 0xe6635c01, 0x6b6b51f4, 0x1c6c6162, 0x856530d8, 0xf262004e, 0x6c0695ed, 0x1b01a57b, 0x8208f4c1, 0xf50fc457, 0x65b0d9c6, 0x12b7e950, 0x8bbeb8ea, 0xfcb9887c, 0x62dd1ddf, 0x15da2d49, 0x8cd37cf3, 0xfbd44c65, 0x4db26158, 0x3ab551ce, 0xa3bc0074, 0xd4bb30e2, 0x4adfa541, 0x3dd895d7, 0xa4d1c46d, 0xd3d6f4fb, 0x4369e96a, 0x346ed9fc, 0xad678846, 0xda60b8d0, 0x44042d73, 0x33031de5, 0xaa0a4c5f, 0xdd0d7cc9, 0x5005713c, 0x270241aa, 0xbe0b1010, 0xc90c2086, 0x5768b525, 0x206f85b3, 0xb966d409, 0xce61e49f, 0x5edef90e, 0x29d9c998, 0xb0d09822, 0xc7d7a8b4, 0x59b33d17, 0x2eb40d81, 0xb7bd5c3b, 0xc0ba6cad, 0xedb88320, 0x9abfb3b6, 0x03b6e20c, 0x74b1d29a, 0xead54739, 0x9dd277af, 0x04db2615, 0x73dc1683, 0xe3630b12, 0x94643b84, 0x0d6d6a3e, 0x7a6a5aa8, 0xe40ecf0b, 0x9309ff9d, 0x0a00ae27, 0x7d079eb1, 0xf00f9344, 0x8708a3d2, 0x1e01f268, 0x6906c2fe, 0xf762575d, 0x806567cb, 0x196c3671, 0x6e6b06e7, 0xfed41b76, 0x89d32be0, 0x10da7a5a, 0x67dd4acc, 0xf9b9df6f, 0x8ebeeff9, 0x17b7be43, 0x60b08ed5, 0xd6d6a3e8, 0xa1d1937e, 0x38d8c2c4, 0x4fdff252, 0xd1bb67f1, 0xa6bc5767, 0x3fb506dd, 0x48b2364b, 0xd80d2bda, 0xaf0a1b4c, 0x36034af6, 0x41047a60, 0xdf60efc3, 0xa867df55, 0x316e8eef, 0x4669be79, 0xcb61b38c, 0xbc66831a, 0x256fd2a0, 0x5268e236, 0xcc0c7795, 0xbb0b4703, 0x220216b9, 0x5505262f, 0xc5ba3bbe, 0xb2bd0b28, 0x2bb45a92, 0x5cb36a04, 0xc2d7ffa7, 0xb5d0cf31, 0x2cd99e8b, 0x5bdeae1d, 0x9b64c2b0, 0xec63f226, 0x756aa39c, 0x026d930a, 0x9c0906a9, 0xeb0e363f, 0x72076785, 0x05005713, 0x95bf4a82, 0xe2b87a14, 0x7bb12bae, 0x0cb61b38, 0x92d28e9b, 0xe5d5be0d, 0x7cdcefb7, 0x0bdbdf21, 0x86d3d2d4, 0xf1d4e242, 0x68ddb3f8, 0x1fda836e, 0x81be16cd, 0xf6b9265b, 0x6fb077e1, 0x18b74777, 0x88085ae6, 0xff0f6a70, 0x66063bca, 0x11010b5c, 0x8f659eff, 0xf862ae69, 0x616bffd3, 0x166ccf45, 0xa00ae278, 0xd70dd2ee, 0x4e048354, 0x3903b3c2, 0xa7672661, 0xd06016f7, 0x4969474d, 0x3e6e77db, 0xaed16a4a, 0xd9d65adc, 0x40df0b66, 0x37d83bf0, 0xa9bcae53, 0xdebb9ec5, 0x47b2cf7f, 0x30b5ffe9, 0xbdbdf21c, 0xcabac28a, 0x53b39330, 0x24b4a3a6, 0xbad03605, 0xcdd70693, 0x54de5729, 0x23d967bf, 0xb3667a2e, 0xc4614ab8, 0x5d681b02, 0x2a6f2b94, 0xb40bbe37, 0xc30c8ea1, 0x5a05df1b, 0x2d02ef8d ); var _DM_UID = 0; var _DM_UTZ = (-1*_DM_DTE.getTimezoneOffset())+720; var _DM_UCS = ((DM_CTST) ? (_DM_gc(_DM_sc("TC0",1,DM_CHN,"/",0,0)) == 1 ? 1:0)+(_DM_gc(_DM_sc("TC1",1,DM_CHN,"/",1,0)) == 1 ? 2:0):0); var _DM_USID = ((DM_CSES) ? _DM_sessID():0); var _DM_CNV = ""; var _DM_LOC = _DM_UDC.location.toString(); var _DM_REF = _DM_UDC.referrer.toString(); var _DM_CLD = 0;function DM_tag() { if (_DM_CLD == 0 || DM_MULT == 1) { _DM_CLD = 1; switch(DM_UIDS) { case 1: case 2: case 5: var cke = _DM_gc(DM_UIDC); if(cke==null){ _DM_UID=-1; }else if(cke.indexOf("/")>=0 || cke.indexOf("?")>=0){ _DM_UID=-1; }else{ _DM_UID="DMID"+DM_UIDS+"="+escape(cke); } break; case 4: if ((_DM_UID = _DM_gc(DM_UIDN)) == null) { _DM_UID = _DM_genID(); _DM_sc(DM_UIDN,_DM_UID,DM_UIDD,DM_UIDP,DM_UIDE,0); } _DM_UID = "DMID4="+_DM_UID; break; } for(var sci=0;sci<_DM_evts.length;sci++){ _DM_addNV("DM_EVT."+_DM_evts[sci].name,_DM_evts[sci].props); } if(DM_DREF==1) { _DM_addNV("DM_LOC",_DM_encd(_DM_REF,_DM_BCL1,0)); } else { _DM_addNV("DM_LOC",_DM_encd(_DM_LOC,_DM_BCL1,0)); } _DM_addNV("DM_REF",_DM_encd(_DM_REF,_DM_BCL1,0)); (_DM_UID!=0 && _DM_UID!=-1?_DM_addNV("DM_HID",_DM_encd(_DM_UID,_DM_BCL1,0)):0); _DM_addNV("DM_TIT",_DM_encd(_DM_UDC.title.toString(),_DM_BCL1,0)); _DM_CNV+="&DM_EOM=1"; if(_DM_pack(_DM_CNV)){ if(DM_BOOM_ON){ _DM_checkBoom(); } } _DM_rstReq(); } } function _DM_pack(d) { var rdte = new Date(); var rid = _DM_toHex(Math.floor(rdte)); var bse="",hdr="",dat="",seq=1; var prt=location.protocol+"//"; var msl=(DM_PIX.length>DM_BPIX.length?DM_PIX.length:DM_BPIX.length); var mrl=2000,usd=0; d=_DM_encd(d,_DM_GCL2,1); for(var shpd=0,f=1;((DM_FRAG) ? (shpd 0) { setTimeout("isPixLoaded(_DM_sImg['"+srl+"']);",parseInt(DM_LOAD_TIME) * 1000); } if (DM_RTRY==1 && DM_LOAD_TIME==0) { _DM_sImg[srl].onerror= function(){setTimeout("_DM_ship('"+srl+"','"+p+"','"+s1+"','"+s2+"','"+u+"',"+(t+1)+")",5000);}; } } function isPixLoaded(pix) { var emptyImg = new Image(); if (pix.complete) { return pix; } else { return pix.src = DM_TOUT_PIX_PATH; } } function _DM_addNV(n,v) { _DM_CNV += (_DM_CNV?"&":"")+n+"="+v; } function _DM_genID() { return _DM_toHex(Math.floor(_DM_DTE)) +"-"+_DM_toHex(Math.floor(Math.random()*Math.pow(10,16))) +"-"+_DM_toHex(_DM_crc32("".concat(_DM_UDC.referrer,_DM_UDC.cookie,_DM_UNV.userAgent,_DM_UTZ,screen.width,screen.height))); } function _DM_sessID() { var sID=_DM_gc("DMSID"); if (sID == null){ sID=_DM_gc(_DM_sc("DMSID",_DM_genID(),DM_UIDD,DM_UIDP,0,0));} return(sID); } function _DM_sc(n,v,d,p,e,o) { var _CDTE = new Date(); if ((n != "" && v != "") && (_DM_gc(n) == null || o == 1)) { _CDTE.setDate(_DM_DTE.getDate()+e); _DM_UDC.cookie = n+"="+v+(p != "" ? ";path="+p:"")+(d != "" ? ";domain="+d:"")+(e>0 ? ";expires="+_CDTE.toGMTString():""); } return n; } function _DM_gc(n) { var co = _DM_UDC.cookie; var pos = co.indexOf(n+"="); return pos != -1 ? co.substring(pos+n.length+1,(co.indexOf("; ",pos)!= -1 ? co.indexOf("; ",pos):co.length)):null; } function _DM_encd(s,chrs,b){ for(var ijk=0,ns="",c="";ijk=0 : chrs.indexOf(s.charAt(ijk))<0)){ ns+=s.charAt(ijk); }else{ if((c=_DM_CHR.indexOf(s.charAt(ijk)))>0) ns+="%"+_DM_pad(_DM_toHex(c),2); } } return ns; } function _DM_crc32(buf) { ix=0; cnt = buf.length; crc = 0xFFFFFFFF; while (cnt-- != 0) crc = _DM_CRCTbl[(crc ^ _DM_CHR.indexOf(buf.charAt(ix++))) & 0xFF] ^ (crc >>> 8); crc ^= 0xFFFFFFFF; crc = (crc & 0x7FFFFFFF) + ((crc<0)?0x80000000:0); return crc; } function _DM_appendToUrl(u,n,v) { return u+((u.indexOf("?")==-1)?"?":"&")+n+"="+v; } function _DM_toHex(n){ var rmd=0,quo= 0,hex=""; if(n < 16) { return _DM_hexc[n]; }else{ rmd = (n%16); quo = Math.floor((n - rmd)/16); return (_DM_toHex(quo)+_DM_toHex(rmd)); } } function _DM_pad(d,p){ d += ""; while(d.length < p){ d = "0"+d; } return d; } function _DM_checkBoom(){ var segC="", bomc="",scrc=0,bcrc=0; if((segC = _DM_gc("DMSEG")) != null){ if((bomc = _DM_gc("DMBOM")) != null){ scrc = _DM_pad(_DM_toHex(_DM_crc32(segC)),8); bcrc = bomc.substr(0,bomc.indexOf("&")); if(scrc != bcrc){ _DM_sendBoom(segC,scrc,DM_BOOM_DMN,DM_BOOM_SRC,DM_BOOM_DCN); } }else{ _DM_sendBoom(segC,_DM_pad(_DM_toHex(_DM_crc32(segC)),8),DM_BOOM_DMN,DM_BOOM_SRC,DM_BOOM_DCN); } } } function _DM_sendBoom(segC,crc,dmn,src,dcn){ var aTok,segs,rid=0,ijp=0,bl="",u=""; segC = unescape(segC); aTok = segC.split("&"); if(aTok.length >= 6){ if(aTok[5].length > 0){ segs = aTok[5].split(","); while(ijp < segs.length){ bl += "boom="+segs[ijp]+";"; ijp++; } rid = Math.floor(Math.random()*Math.pow(10,9)); u = "/src="+src+";dcnet="+dcn+";"+bl+"sz=1x1;ord="+rid+"?"; _DM_ship(rid,location.protocol+"//",dmn,dmn,u,0); _DM_setBoom(crc,1); }else{ _DM_setBoom(crc,0); } }else{ _DM_setBoom(crc,0); } } function _DM_setBoom(crc,snt){ _DM_sc("DMBOM",crc+"&"+_DM_toHex(Math.floor(_DM_DTE))+"&"+snt,DM_CHN,"/",0,1); } function _DM_rstReq() { _DM_CNV = ""; _DM_LOC = _DM_UDC.location.toString(); _DM_REF = _DM_UDC.referrer.toString(); _DM_UID = 0; } function DM_event(e,n,v){ for(var ztt=0;ztt<_DM_evts.length;ztt++){ if(_DM_evts[ztt].name == e){ if(_DM_evts[ztt].props.indexOf("("+_DM_encd(n,_DM_BCL1,0)+".")<0){ _DM_evts[ztt].props+="("+_DM_encd(n,_DM_BCL1,0)+"."+_DM_encd(v,_DM_BCL1,0)+")"; return 1; }else{ return 0; } } } _DM_evts[_DM_evts.length]={name:_DM_encd(e,_DM_BCL1,0),props:"("+_DM_encd(n,_DM_BCL1,0)+"."+_DM_encd(v,_DM_BCL1,0)+")"}; return 1; } function DM_cat(cat) { _DM_addNV("DM_CAT",_DM_encd(cat,_DM_BCL1,0)) } function DM_name(f) { _DM_addNV("DM_NAM",_DM_encd(f,_DM_BCL1,0)) } function DM_keywords(k) { _DM_addNV("DM_KYW",_DM_encd(k,_DM_BCL1,0)) } function DM_segments(s) { _DM_addNV("DM_SEG",_DM_encd(s,_DM_BCL1,0)) } function DM_addToLoc(n,v) { _DM_LOC=_DM_appendToUrl(_DM_LOC,n,v); if(DM_DREF==1) { _DM_REF=_DM_appendToUrl(_DM_REF,n,v); } } DM_tag(); document.write(''); document.write(''); // End Rev_Sci _+http://www.bloomberg.com/jscommon/banner.js Obplist00 Y$archiverX$versionT$topX$objects_NSKeyedArchiver _WebResourceResponse )/078?JUZNS.objectsWNS.keys@ABCDEFGHIKLMNOPQRST VServer]Last-Modified]Cache-Control]Accept-RangesTDate^Content-LengthWExpiresZConnectionTEtag\Content-Type_1Apache/1.3.33 (Unix) mod_ssl/2.8.23 OpenSSL/0.9.8_Fri, 29 Sep 2006 22:14:16 GMT^max-age=604800Ubytes_Wed, 04 Oct 2006 13:46:20 GMTT7225_Wed, 11 Oct 2006 13:46:20 GMTUclose_"4080cb-1c39-451d9ab8"12jkkl6_NSMutableDictionary\NSDictionary12noo6_NSHTTPURLResponseInternal12qrrs6_NSHTTPURLResponse]NSURLResponse$)2DILbd  %1357`eny}   *8FKZbmr -3LQUkx}tO9// Copyright 1999-2001 ValueClick, Inc. All rights reserved. ValueLoaded = true; ValueFullVersion = ValueVersion + ".20"; function ValueShowAd() { ValueOptions = '&v=' + ValueFullVersion; ValueFullOptions = ''; ValueTextTest = 0; ValueProtocol = "http://"; ValueBannerType = self.ValueBannerType || "js"; ValueNetworkDisableNoCache = 0 || 0; if (self.ValueSecure) ValueProtocol = "https://"; if (self.ValueCategory) ValueOptions += '&c=' + self.ValueCategory; if (self.ValueBorder) ValueOptions += '&border=1'; if (self.ValuePlacement) ValueFullOptions += '&p=' + self.ValuePlacement; if (self.ValueKWParam) ValueOptions += '&r=' + self.ValueKWParam; if (self.ValueKeywords) ValueOptions += '&k=' + escape(self.ValueKeywords); if (self.ValueKeyCode) ValueOptions += '&' + self.ValueKeyCode; if (self.ValueHCat) ValueOptions += '&hcat=' + self.ValueHCat; if (self.ValuePBhav) ValueOptions += '&pbhav=' + self.ValuePBhav; if (self.ValueTagCascade) ValueOptions += '&tc=' + self.ValueTagCascade; if (self.ValueAID) ValueFullOptions += '&aid=' + self.ValueAID; if (self.ValuePID) ValueFullOptions += '&pid=' + self.ValuePID; if (self.ValueKeyCodes) { var tempKC = ValueKeyCodes.join("&"); ValueOptions += '&' + tempKC; } ValueSizes = ''; HardSize = 1; if (self.ValueWidth) { ValueWidth = self.ValueWidth; } else { ValueWidth = ''; } if (self.ValueHeight) { ValueHeight = self.ValueHeight; } else { ValueHeight = ''; } ValueIFrame = self.ValueIFrame || 0; ValueIFrameMSizes = self.ValueIFrameMSizes || 0; if (ValueBannerType != 'pop') { //non pops should default to type js ValueBannerType = 'js'; //if 'Width' and 'Height' are passed in, use them //otherwise, use Width_Height if it exists if (ValueWidth && ValueHeight) { ValueSizes = '&size=' + ValueWidth + 'x' + ValueHeight; } else if (self.ValueWidths_Heights) { if (ValueIFrame) { //Using IFrame will normally disable using MSizes, but an optional //parameter IFrameMSizes allows them both to be used. var firstSize = self.ValueWidths_Heights[0]; if (ValueIFrameMSizes) { ValueSizes = '&msizes=' + self.ValueWidths_Heights.join(","); } else { ValueSizes = '&size=' + firstSize; } //Set Width & Height for the IFrame var firstSizeArray = firstSize.split('x'); ValueWidth = firstSizeArray[0]; ValueHeight = firstSizeArray[1]; } else { var ArLen = self.ValueWidths_Heights.length; if (ArLen > 1) HardSize = 0; ValueSizes = '&msizes=' + ValueWidths_Heights.join(","); } } else { //if no size info is passed in, the size list from host site record or network is used //so we can't predict the size HardSize = 0; } if (self.ValueBannerSizeOrder) ValueFullOptions += '&bso=' + self.ValueBannerSizeOrder; //Do not show text for non-standard banners. ValueNoText must come after this test. if (ValueWidth == 468 && ValueHeight == 60) { ValueTextTest = 0; }else { if(! self.ValueNoText) ValueTextTest = 1; self.ValueNoText = true; } if (! self.ValueNoText) ValueOptions += '&text=1'; if (self.ValueTargetCurrent) ValueOptions += '&target=self'; } else { ValueSizes = '&size=' + self.ValuePopSize; } ValueRandom = Math.round(Math.random()*1000) + 1; ValueTempDisableNoCache = 0; if (ValueNetworkDisableNoCache) { ValueTempDisableNoCache = 1; } //Publisher setting overrides the network setting if (self.ValueCacheBanners && self.ValueCacheBanners == 'yes') { ValueTempDisableNoCache = 1; } else if (self.ValueCacheBanners && self.ValueCacheBanners == 'no') { ValueTempDisableNoCache = 2; } if (ValueTempDisableNoCache == 1) { //don't send no-cache headers ValueRandom = 1; ValueOptions += '&disable_no_cache=1'; } else if (ValueTempDisableNoCache == 2) { //send no-cache headers ValueOptions += '&disable_no_cache=0'; } ValueHostInfo = "host=" + ValueHost + "&b=" + ValueID + "." + ValueRandom; if (self.ValueServer == null) ValueServer = "ads"; ValueFullServer = ValueProtocol + ValueServer + ".blp.valueclick.net/"; ValueBanner = ValueFullServer + 'cycle?' + ValueHostInfo + ValueOptions + ValueFullOptions + ValueSizes; if (ValueBannerType == 'js' && HardSize) ValueDimensions(); // blank then out so they will only apply for this request. // When there are multiple tags on the same page, we don't want an old // tag with these variables to 'infect' a newer tag that doesn't // use these variables ValueWidth = ''; ValueHeight = ''; if (ValueTextTest == 1) self.ValueNoText = false; if (navigator.userAgent.indexOf("MSIE") >= 0) { // don't try to set the bgcolor etc in the IFRAME for MSIE 3 if (navigator.appVersion.indexOf('MSIE 3') < 0) { if (self.ValueBgColor) ValueBanner += '&bgcolor=' + escape(self.ValueBgColor); if (self.ValueLinkColor) ValueBanner += '&linkcolor=' + escape(self.ValueLinkColor); if (self.ValueAlinkColor) ValueBanner += '&alinkcolor=' + escape(self.ValueAlinkColor); if (self.ValueVlinkColor) ValueBanner += '&vlinkcolor=' + escape(self.ValueVlinkColor); } if (ValueIFrame == 1 && ValueBannerType == 'js') { if (HardSize) { document.write(''); } else { document.write('
Bloomberg Anywhere Software Support Feedback
Updated:  New York, Oct 04 19:07
London, Oct 05 00:07
Tokyo, Oct 05 08:07
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Amity Shlaes
Caught Naked on Election Day, Markets Betray Bias: Amity Shlaes

By Amity Shlaes

Oct. 4 (Bloomberg) -- Republicans tend to boast that markets like them more than Democrats, but until recently there hasn't been a lot of solid evidence for that argument.

In fact, equity prices have generally performed better under Democratic presidents over the past three-quarters of a century. Identifying the validity of that Republican conviction requires isolating investor partisan preference from other news, which is difficult to do.

There's a certain irritating circularity to the discussion about the current Republican incumbency. When the economy grows, people say, Bush family members get re-elected, and the greater that growth, the greater the chance of re-election. But which came first: the growth or the politics?

What's more, many professional investors nowadays muddy the picture intentionally by refusing to say which party's victory would make them more bullish. The famous efficient-markets hypothesis says the market already discounts for everything, and many participants hide behind that theory like a naked man behind a black umbrella.

Now, three economists have managed to capture the elusive political investor in action. In a recent report, Justin Wolfers at the Wharton School of Business and Erik Snowberg and Eric Zitzewitz at Stanford University identified a moment when it is almost impossible for the economy to affect people's votes: the intense period when elections are actually taking place.

In that brief time frame, the influence flows only one way: political news moves the market. The authors found that markets, particularly equities, in aggregate prefer Republicans. Statistics going back to U.S. President James Garfield in the early 1880s show that surprise Republican victories moved equity prices as much as 3 percent higher than where they would have stood had a Democratic candidate won as expected. Their time frame was the 48-hour period that begins on the eve of an election.

Cliffhanger Revelations

Yet it is the experiment, rather than the conclusion, that is worth looking at first. Elections that are hard to call may annoy or humiliate most of us. Few Americans on either side remember with pleasure the weeks of indecision following Election 2000. Still, Wolfers, Snowberg and Zitzewitz recognize that such elections yield the most information about honest market behavior precisely because their unpredictability forces the investor to leap about so.

In 2004, for example, the authors note that exit polls at 3 p.m. on the day of the election suggested that President George W. Bush was going to lose against Democratic nominee John Kerry. Markets tend to follow exit polls, even if they are flawed. The value of $10 futures contracts betting on Bush's re-election dropped from $5.50 to $3 and other markets moved down, too.

Bush Victory

Later in the evening, as Bush's chances looked better, the $10 contracts became more valuable and markets also recovered. News of Bush's gains raised the price of the dollar, oil and equities. The Bush victory also pushed up both real and nominal interest rates.

But what if all this happened merely because markets like the continuity of re-electing an incumbent? The report's authors sought to control for this possibility by focusing on the 2000 election, another Bush presidential contest and one in which there was no incumbent.

This cliffhanger yielded plenty of action behind the umbrella. The authors found that the prospects of a Bush presidency were worth an increase that day of about 1.5 percent in the Standard & Poor's 500 futures, and a 3.5 percent increase in Nasdaq 100 futures. These figures would suggest it was Bush's political philosophy that pleased markets.

Reagan's Bond Yields

What about bonds? Until Ronald Reagan, the authors found, ``bond yields were historically quite unresponsive to political shocks.'' In 1980, the year Reagan was elected, there was a near instant increase of 15 basis points on the yield of the 10-year Treasury bill. Since then, Republican presidential victories have tended to raise bond yields.

One explanation for this might be that Republicans are big spenders, and so are likely to inflate, driving down the value of bonds. That certainly would be the sort of argument made by former Treasury Secretary Robert Rubin.

The authors delved into the meaning of the interest-rate increases, at least in recent elections. They used the iShares Lehman TIPS Fund as a meter of comparison between inflation- protected bonds and traditional ones. If the market in 2004 expected inflation to accelerate after a Bush victory, the spread between inflation-protected bonds and others would have diverged as it became clear that Bush was winning. But yields marched together, suggesting traders bet that growth would make cash scarce.

Lucky Democrats

It's odd that election-time markets prefer the GOP so strongly. Not even the nastiest Republican can claim that Democrats are always worse for returns on capital than Republicans are. To do so would be to ignore, say, Secretary Rubin's capital-gains tax cuts of the late 1990s.

More importantly, there is that abiding fact: markets over the very long term have done just fine under Democrats. The authors have come up with a few explanations: that ``past Democratic presidents have pursued policies that were more beneficial for equity returns, but investors have not noticed.''

They also posit that ``past Democratic presidents have pursued beneficial policies but investors do not expect future ones to do so.'' These theories are improbable. Their third suggestion -- that Democrats are lucky -- is more likely.

More people believe Republicans are good for the economy than are willing to admit it. It's a story, all the better because it is hidden most of the time behind an umbrella.

To contact the writer of this column: Amity Shlaes at ashlaes@bloomberg.net .

Last Updated: October 4, 2006 00:02 EDT

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